Daria Solovieva
GLOBAL
VC Firm Opens Risk-Free Startup Launch Camp with $1.5M Funding Pool
SKL.vc is launching a B2C Launch Camp starting November 15 that removes financial barriers for aspiring founders, offering up to $1.5 million in venture funding for top ideas and $4,000 for hypothesis testing. The online program, targeting sectors from creative economy to AI, builds on its successful previous cohort where 6 out of 458 participants secured funding, while also providing job opportunities with up to $200,000 annual salaries for top performers. [Source: SKL.vc]
UKRAINE
Ukraine to Get $4B for Drone Production, Mulls Defense Exports to Allies
Ukraine is set to receive an additional $4-5 billion for domestic drone production by year’s end, building on its existing $3 billion investment and €750 million from Nordic countries, President Zelenskyy announced. The government is also exploring carefully controlled defense exports to Ramstein coalition allies only, with potential 3-5 year contracts under consideration to prevent any weapons from reaching Russia. [Source: Ukraine Business News]
No-Code AI Startup With Ukraine Roots Raises $1.45M to Take On ServiceNow, UiPath
Another sign that Europe’s AI ecosystem extends well beyond the usual London-Paris-Berlin triangle. Tur.ai, a Ukrainian-Dutch startup with operations split between war-torn Ukraine and Amsterdam, just landed $1.45 million in seed funding to automate business processes without requiring companies to write code – they’re already saving clients over 700,000 hours annually in manual tasks, with Ukrainian energy giant DTEK as an early adopter. [Source: Tech Ukraine]
Half of Ukraine’s Top IT Firms See Revenue Drop Despite Employment Growth
Despite growing their collective workforce from 8,500 to 10,500 employees, 15 of Ukraine’s 30 largest IT companies reported lower revenues in 2023 compared to 2022, with war-driven relocations and talent exodus as key factors. Still, industry leaders EPAM, GlobalLogic and Luxoft maintained their market dominance, while Monobank and SoftServe bucked the trend with positive growth, and Playtika led in revenue per employee at $6,900 monthly. [Source: Ukraine Business News]
ESTONIA
Estonian Startups Hit €2.7B Revenue as Deep Tech Drives Investment Surge
Estonian startups recorded 10% revenue growth in the first nine months of 2024, reaching €2.7 billion, with ride-hailing giant Bolt leading at €984 million in turnover. The sector saw investments surge to €302.7 million across 49 deals – a significant jump from €199.2 million last year – with deep tech companies capturing two-thirds of total funding, while mobility unicorn Bolt and fintech leader Pipedrive dominated revenue generation in the Baltic nation’s thriving startup ecosystem. [Source: BalticVC]
Startup Wise Guys Exits Italian Food Delivery Tech Startup After Two-Year Hold
Estonian accelerator Startup Wise Guys has secured an exit from Deliverart, an Italian cloud-based restaurant delivery management platform, through a sale to business software giant TeamSystem. The deal marks a successful conclusion to Startup Wise Guys’ €82,500 investment made during their 2022 Milan acceleration program, while positioning Deliverart’s order aggregation technology within TeamSystem’s €851 million digital business ecosystem serving 2 million customers. [Source: BalticVC]
Planet42 Splits Operations in Rescue Bid After Default
Planet42, the Estonian vehicle subscription startup that defaulted on investor payments in August, has unveiled a rescue plan to divide its operations between South African and Mexican markets. The restructuring would see UK-registered P42 UK Ltd acquire the South African business for €1.8M from Estonian company Inclusion OÜ, transitioning control to local investors while Estonian stakeholders retain the Mexican operations – a critical move for the venture-backed company that has raised over €40M from prominent investors including Naspers and Standard Bank. [Source: BalticVC]
LATVIA
Latvia Plans €500M AI Center to Boost EU Competitiveness
Latvia is planning to establish a national Artificial Intelligence Center (LAIC) aimed at attracting €500 million in investments over its first five years, with goals to implement five international projects and integrate AI solutions into public administration. The initiative, spearheaded by the Ministry of Economics, aims to unify Latvia’s currently fragmented AI ecosystem and position the country as the EU’s leading AI development hub, while also streamlining public sector employment through AI adoption. [Source: Labs of Latvia]
Latvia’s DelfinGroup Secures €4.9M Credit Line From Citadele Bank
Latvian fintech company DelfinGroup has secured a two-year, €4.9 million credit facility from Citadele bank, adding to its diversified funding structure that includes bonds, P2P investments, and equity. The company, which operates the Banknote and VIZIA brands across Latvia and Lithuania offering various consumer lending products, will use the funding to improve cash management and support business development. [Source: Labs of Latvia]
Latvia’s Giraffe360 Gets €444K From SEB Bank to Expand Data Center Operations
Latvian real estate tech startup Giraffe360 has secured €444,000 in lease financing from SEB Bank to purchase 16 new servers, aiming to reduce data storage costs and improve processing speed for its AI-powered real estate imaging solution. Founded in 2016, the company has grown from 6 to 200 employees serving clients in 30 countries, with 70% of revenue from US and UK markets, backed by notable investments including $16 million from Founders Fund in 2022. [Source: Labs of Latvia]
LITHUANIA
Vinted Hits €5 Billion Value in TPG-Led Secondary Round
Second-hand marketplace Vinted has secured €340 million in a secondary funding round led by TPG Tech Adjacencies, maintaining its €5 billion valuation amid plans to expand beyond fashion into electronics and toys. The Lithuanian platform, which boasts 80 million registered users across Europe and North America, has retained all existing institutional investors while bringing on new backers including Hedosophia and Baillie Gifford, highlighting continued investor confidence in the circular economy sector. [Source: BalticVC]
POLAND
AI Startup’s Virtual Receptionists Handle 1 Million Patient Calls, Securing €1.1M Boost
Polish healthtech company Talkie.ai raised €1.1 million from European investors to expand its AI-powered medical receptionist service, which already manages patient communications for 60 healthcare providers across Poland and the US. The Gdansk-based startup, which automated over 1 million patient interactions in 2023 and derives 30% of revenue from the US market, will use the funding to scale operations and develop new features ahead of a planned Series A round. [Source: Vestbee]
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